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On 1 December in the previous year a taxpayer borrows $350,000 to use in his business. He pays $2,000 in Stamp Duty and $500 in
On 1 December in the previous year a taxpayer borrows $350,000 to use in his business. He pays $2,000 in Stamp Duty and $500 in mortgage broker fees. The loan was to be repaid in 10 years. Interest in the current year was $10,000. What is the remaining expenditure and the remaining loan period to calculate the claim for borrowing expense deduction under s25-25 in the current year? $350,000 and 3,650 days $2,500 and 1,825 days $2,210 and 1,613 days $12.500 and 1.825 days
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